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California Payday Loans and Cash Advance

California is considered as the most densely populated state in the US. Some of its four largest cities include San Diego, San Francisco, San Jose and Los Angeles. The state is located on the west coast of US along the Pacific Ocean.

CA is bordered by Nevada to the east, Oregon to the north, Arizona to the South east and the Mexican state of Baja to the South. The state is home to some of the largest states in the US.

HTML clipboardIt is widely known for its diverse geography, population and climate. The state was colonized by the Spanish empire during the late 18th Century. It became a republic in 1821 and was admitted to the US in 1860.

The state is regarded as the third largest state compared to Texas and Alaska. It has scenic geographical features that range from the Sierra Nevada to the Pacific Ocean. The state’s center is dominated mostly by the central valley which is one of the most productive agricultural regions in the region.

Besides its agricultural activities, the state has other forms of industries including information and technology, aerospace, computer and petroleum. Research indicates that the economy of California can be compared to that of Italy. This can be attributed to its well developed financial structures and systems that take into account a credit facility like the payday loan.

A payday loan, also known as cash advance or payday advance is a credit facility that is offered to a borrower in order to cater for unforeseen expenses just before the next payday. Having become more popular in the early 1990’s, the facility is intended to cater for late payments that are usually charged by other traditional lenders.

Under the payday laws in California, companies that advance a payday facility are required to comply with all fee requirements though this is subject to the available check cashers. Each payday facility that the payday company advances is required to post a complete fee schedule that details out the amount of fee that the borrower will be required to pay.

The law further provides that prior to any agreement between the lender and the borrower, a customer must sign an agreement that states the amount of fees that is to be paid.

In every deferred transaction entered into between the customer and the payday lending institution, the institution is allowed to hold the check for up to thirty days. The face value of the check in such a case must not be more than $ 300.

A payday lending company that violates the payday laws in California shall be penalized about $ 2,000 for every offense committed. The customers seeking a payday loan in California may institute legal proceedings against such a company. Every owner of a payday lending company is required to obtain a permit at the Department of Justice before carrying out payday lending businesses.

Under the laws governing payday loan in CA, any payday lending company that fails to obtain the permit can be fined about $ 1,000 for the offense.

Apply for your payday loan services today and take advantage of the applicable payday loans that are meant to protect your financial status!

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